Question by dk3000_2000: Do homeowners insurers construe “Fair Market Value” as the value of the property before the damage or after?
For example- The insurance company agrees to pay the Fair Market Value of your house that was destroyed by a hurricane. Is this the appraised value before the hurricane or after? This difference can be significant if the town was decimated by the hurricane and property values are now much lower. Please help!
Best answer:
Answer by MSAD
If you have a replacement cost value policy – they pay the cost to rebuild the home as it was (same finishes).
If you have an actual cash value policy, they calculate the cost to rebuild your home as it was and subtract depreciation.
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Best answer:
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I am looking at my property taxes statement and it shows how they calculate my taxes. It has my Market Value at $ 876k, and my assesed value at $ 161k. What is “assesed value”? My property is worth much less than the $ 876k they say but $ 161 would not even make sense. My property was appraised at $ 460k. Someone please help me understand this. I live in NY if it helps.
Best answer:
Answer by hrblockerrolquinn
Dear DR: There is a great article at www.mkemortgage.net on NY assessed value vs market value.
Basically the assessed value is a number put on your property for tax purposes only. It is relative and should be fairly distributed among the neighborhoods.
This advice was prepared based on our understanding of the tax law in effect at the time it was written as it applies to the facts that you provided. Click on my profile to read more. Errol Quinn Enrolled Agent Master Tax Advisor
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